How do I verify the Discounted bill receivable dishonoured in my client's books?
How do I verify the Discounted bill receivable dishonoured in my client's books?
Chiranjibi Mar. 12, 2018
You can verify the discounted bills receivable dishonoured by considering the following points.
- Obtain the schedule of discounted bills receivable dishonoured.
- Check the entry in bank statement regarding the amount of bills dishonoured and see that the bank has debited the account of client.
- Verify the bills receivable returned by the bank along with bank’s advice.
- See that the dishonoured bills have been noted and protested by following the proper procedure and the account of the drawee or the trade receivable is also debited.
- Check that bank commission, if any, charged by the bank has been recovered from the party.
